Moonshot AI (Kimi) considers dual listing in Hong Kong and STAR Market.

Beating AI News Flash: Moonshot AI is considering a dual listing on both the Hong Kong Stock Exchange and the STAR Market. The company has already confidentially submitted an IPO application for Hong Kong, and is now signaling to investors that it is considering a listing on the Shanghai Stock Exchange STAR Market after its Hong Kong debut. The STAR Market plan is still in the exploratory stage and has not been confirmed by the company.

On the Hong Kong side, Moonshot AI aims to raise approximately $3 billion, with a listing possible as early as the first quarter of 2027. The company is currently advancing its final pre-IPO funding round at a valuation of approximately $50 billion.

One reason Moonshot AI is considering a STAR Market listing is the recent weak stock performance of AI companies in Hong Kong, coupled with a large backlog of companies waiting to list. A dual listing would provide an additional fundraising channel and cover more investors.

The STAR Market relaxed its Fifth Set of Listing Standards specifically for large model companies in June this year, allowing companies that have not yet achieved a certain revenue scale to apply. One requirement is that at least one large model product has been launched and achieved large-scale application.